Sunpower Reports Fourth-Quarter and Fiscal Year 2012 Results

Pubblicato su 11 feb 2013
SunPower 
 SunPower Corp. (NASDAQ: SPWR)announced financial results for its 2012 fourth quarter and fiscal year ended Dec. 30, 2012.
 
"We exited 2012 with strong fourth-quarter results as we benefitted from our diversified downstream channel strategy, solid execution on our cost roadmap and increased customer demand for our high efficiency, industry leading technology," said Tom Werner, SunPower president and CEO.  "North America remained our most significant market for the quarter as evidenced by our sale of the 579 megawatt (MW) Antelope Valley Solar Projects (AVSP) to MidAmerican Solar, a transaction that further reinforces our strong bankability.  Additionally, the California Valley Solar Ranch (CVSR) project owned by NRG Energy is now more than 75 percent complete and we remain on plan to finish this project by the end of this year.  In residential lease, our fourth-quarter performance was solid and we see significant long-term global growth opportunities in this segment due to our compelling value proposition, low total system costs and downstream footprint.  With our recently announced $100 million residential leasing partnership with U.S. Bancorp, and additional financings currently in process, we are well positioned in the North American residential lease segment for 2013.  In Asia, we expanded our presence in the Japanese rooftop market as a result of our significant partnerships and signed a joint venture in China to manufacture our SunPower C7 Tracker product for power plant projects.  In Europe, industry conditions remain challenging but our cost reduction programs and ability to leverage our existing infrastructure to further evolve our go-to-market strategy with innovative programs will enable us to return to profitability in this region in the second half of 2013. 

"2012 was a difficult year for the industry and I'm very pleased with our competitive position.   As we look into 2013, we enter the year with a solid foundation to win in the power plant and rooftop segments.  Importantly, with the monetization of our AVSP projects, continued construction of our CVSR installation and further expected gains in our residential business, we now have significant revenue and margin visibility for our business for multiple years.  This visibility, combined with our diversified end market approach, strong technology roadmap, cost reduction initiatives and solid balance sheet, gives us confidence that 2013 will be a much stronger year financially for SunPower," concluded Werner.


 
source: Sunpower Corp
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